Stephen Ross sells 2.1 percent of Dolphins, sports properties for $12.5B

Miami Dolphins owner Stephen Ross reportedly has added another minority investor to his sports portfolio.

According to Ben Fischer of Sports Business Journal, Ross has agreed to sell 2.1 percent of the team and its affiliated businesses at a valuation slightly above $12.5 billion , to Chilean billionaire Jean Eric Salata. In March, Ross agreed to sell one percent of the team to Xiaomi co-founder Lin Bin at a valuation of $12.5 billion.

Besides the Dolphins , Salata now owns a piece of Hard Rock Stadium, the F1 Hard Rock Miami Grand Prix and the Miami Open tennis championships, which all now fall under Ross Sports & Entertainment.

The sale is expected to be approved by NFL owners at their meeting next week in New York. According to the Sports Business Journal, the league's finance committee approved the transaction last month.

According to SBJ, Salata, 60, is chairman of the Swedish investment firm EQT AB, which in 2022 acquired the private equity firm he founded in Hong Kong, Baring Private Equity Asia. He is worth $8.4 billion, according to Forbes.

Ross previously sold 10 percent of the Dolphins and his other sports properties to Ares Management and a combined 3 percent stake to Nets owner Joe Tsai and Nets minority owner Oliver Weisberg in December 2024. That came five months after NFL owners voted 31-1 to open the door to private equity groups.

In the latest Forbes 400 list, released last month, Ross ranked 56th with a value of $21.5 billion. Ross heads Related Companies, which has numerous real estate holdings in Palm Beach County.

The Dolphins are tied for 11th among NFL franchises , according to Forbes, valued at $7.5 billion, which also includes Hard Rock Stadium, the Miami Open and the Miami Grand Prix . The Dallas Cowboys top that list at $17 billion.

According to SBJ research, the average of all public estimates of the Dolphins' value, plus those other properties, is $10.59 billion .

In August, Ross named his son-in-law, Daniel Sillman , CEO and head of football operations.